Ethereum NFT Layer 2 Expansion Plan Immutable X Announces IMX Utility Upgrades
According to official news, Ethereum NFT Layer 2 expansion plan Immutable X announced two IMX utility upgrades: 20% of the platform fee must be paid in IMX; IMX will become a nativ
According to official news, Ethereum NFT Layer 2 expansion plan Immutable X announced two IMX utility upgrades: 20% of the platform fee must be paid in IMX; IMX will become a native network token as the Immutable zkEVM core Gas currency.
Immutable X: 20% of the platform fee must be paid in IMX; Will be used as Immutable zkEVM core gas currency
In recent news regarding the world of cryptocurrency, a major update has come out about the Ethereum NFT Layer 2 expansion plan of Immutable X. Immutable X is a layer 2 scaling solution that provides a high-performance blockchain protocol for NFT marketplaces, games, and applications. The platform has announced two major IMX utility upgrades that address crucial aspects of the protocol. In this article, we will discuss these updates in more detail and what they mean for the Ethereum ecosystem.
The IMX Utility Upgrades
Immutable X has announced two major IMX utility upgrades that will significantly influence the platform’s functionality and user experience. These upgrades include:
20% Platform Fee Paid in IMX
Immutable X announced that starting in the near future, users will need to pay 20% of the platform fee in IMX. This will provide increased utility to the IMX token and help to incentivize users to hold the token. The platform’s current fee structure involves a 5% platform fee, which goes towards the development and maintenance of the platform. The remaining 95% is returned to users as rewards for providing liquidity or staking IMX tokens.
Native Network Token
Immutable X has also announced that IMX will become a native network token for the platform’s zkEVM core gas currency. This will increase the utility of IMX within the ecosystem and provide a more seamless user experience. Native network tokens are used as the main currency on a blockchain and are used to pay for gas fees, transaction fees, and other network fees.
The Significance of the IMX Upgrades
The two IMX utility upgrades have significant implications for the Ethereum ecosystem and Immutable X’s place within it. By increasing the utility of IMX, Immutable X is incentivizing users to hold the token and creating a sustainable economic model for the platform. The increased utilization of the token will also create a more efficient ecosystem for NFTs, which will ultimately drive adoption of the technology.
The addition of IMX as a native network token is an important development as well. By creating a more seamless user experience, Immutable X is positioning itself as a go-to platform for NFTs. This development will also reduce friction in the Ethereum ecosystem by reducing the need for users to hold multiple tokens for transaction fees.
Conclusion
Immutable X’s announcement of two major IMX utility upgrades is a significant development for the platform and the Ethereum ecosystem as a whole. By increasing the utility of IMX, Immutable X is incentivizing users to hold the token and creating a more sustainable economic model for the platform. Additionally, the addition of IMX as a native network token will create a more efficient ecosystem for NFTs and reduce friction within the Ethereum ecosystem. These upgrades demonstrate Immutable X’s commitment to advancing the technology and creating a better user experience.
FAQs
1. What is Immutable X?
Immutable X is a layer 2 scaling solution that provides a high-performance blockchain protocol for NFT marketplaces, games, and applications.
2. What is IMX?
IMX is the native token of Immutable X and has a variety of utilities within the platform, including staking, providing liquidity, and paying for transaction fees.
3. How will the IMX upgrades impact the Ethereum ecosystem?
The IMX upgrades will increase the utility of the token and create a more efficient ecosystem for NFTs, ultimately driving adoption of the technology. The addition of IMX as a native network token will also reduce friction within the Ethereum ecosystem.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/10411/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
What Does HBC Mining Mean (How to Mine HBC Coin)?
What does HBC mining mean? HBC mining refers to mining HubbleCash, according to
-
Chiliz Launches New Blockchain Focusing on Sports
According to reports, Chiliz, the sports and entertainment blockchain solution, announced that it would launch a new blockchain focusing on sports on May 10th.
Chiliz: A new blockc -
Digi Daigaku Launches “Dragon Essence” to Help Baby Dragons Grow and Evolve; Offers White List and Claim Checker to Eligible Users
It is reported that Digi Daigaku announced on social media that Dragon Essence has been officially launched. \”Dragon Essence\” can help baby dragons grow and ev…
-
What Wallet Does Doge Use (DogeSwap Wallet)
What wallet does Doge use? Dogecoin (DOGE) is a popular dApp that utilizes decen
-
The Rise and Insights of Spot Gold at $2000 Per Ounce
According to reports, the market showed that spot gold stood at $2000 per ounce, the first time since March 2022, rising by more than $30 from a daily low.
Spot gold stood at $2000 -
Cboe Digital and DMIST: Advancing Standards for Cryptocurrency Exchange and Clearinghouse Operations
On February 28, the regulated cryptocurrency exchange and the clearinghouse Cboe Digital announced that they would join the Derivatives Market Standards Associ…
-
BitCard® Collaborates with Blackhawk Network for Bitcoin Gift Cards Distribution
Message on March 2, BitCard ® Announced the establishment of a new partnership with Blackhawk Network (BHN), a global brand payment technology provider. Throug…
-
Decentralized Storage Application DCell Launched on BNB Greenfiled Platform
On April 20th, it was announced that the decentralized storage application DCell, promoted by NodeReal, has been launched on the BNB Greenfiled platform, allowing users to embark o
-
Big Transfer by Axis Infinity Team to Coin An
On March 16th, the Web3 Knowledge Map Protocol 0xscope tweeted that an address belonging to the Axis Infinity team had transferred 400000 AXS (approximately $3.19 million) to Coin An half an hour ago. Axis Infinity team transferred 400000 AXS to Coin An, approximately $3.19 million Analysis based on this information:On March 16th, 2021, the Web3 Knowledge Map Protocol 0xscope tweeted about an enormous transfer of 400000 AXS, which featured an approximate worth of $3.19 million. The address that had belonged to the Axis Infinity team was responsible for initiating this transfer half an hour ago, indicating their intention to make a significant contribution to Coin An. The transfer of digital assets has become customary in modern times. The cryptocurrency enthusiasts follow this transfer and work towards understanding the motive behind the same. In this instance, the transfer has occurred to the platform Coin An, which is a cryptocurrency wallet provider, enabling secure transactions worldwide. Coin An eliminates problems like hacking…
-
Loan Agreement on Solana Solend: New Updates and Parameters for Users to Know
On April 11, it was reported that the loan agreement on Solana Solend had been launched in the first phase of SolendV2, and three new functions had been updated: loan weight, TWAP
-
Data: 44% of the ARB supply of Airborne Tokens from Arbitrum has been claimed
According to reports, Dune data shows that more than 510 million Arbitrum Tokens (ARBs) have been claimed, accounting for 44.16% of the air drop supply. The number of applicants ha
-
The First Whale to Clear BLUR: Who is Luggis.eth and What Does This Mean for Binance?
According to reports, according to Twitter user ember monitoring, after Binance announced the launch of BLUR, Luggis.eth was the first whale to clear BLUR, but his cost was the hig
-
Bitcoin and Ethereum Record Huge Sell-Offs
According to reports, according to Coinglas data, the entire network has sold out $113 million in the past 24 hours. Among them, Bitcoin sold out $43.9705 million and Ethereum sold out $28.8708 million. Over the past 24 hours, the entire network sold out $113 million, including $43.9705 million in Bitcoin Analysis based on this information:The cryptocurrency market is one that has been shrouded in mystery since its inception, with investors and spectators alike constantly keeping an eye on its movements. According to Coinglas data, the network has sold out a staggering $113 million within the past 24 hours, with two of the major players in the market taking the lead in the sell-off. Bitcoin has sold out $43.9705 million and Ethereum has recorded a $28.8708 million sell-off. The sell-off is one that has been predicted by experts within the market. Bitcoin has been enjoying a bull run for a considerable amount of time, with investors flocking to the cryptocurrency as…
-
Federal Reserve Kashkari: The Federal Reserve is committed to a 2% inflation target
According to reports, the Federal Reserve has stated that it is committed to the 2% inflation target and will not change the target. If the inflation target of 2% is changed, the c
-
Blockchain Academy and Alibaba Cloud Form Strategic Partnership for Web 3.0 Education
According to official Twitter, the Blockchain Academy and Alibaba Cloud officially reached a strategic partnership and signed the MOU on March 17. The cooperation between the two s
-
What does the mining transaction fee depend on (mining fees)
What does the mining transaction fee depend on The average transaction cost of Bitcoin is 1 BTC. If each transaction is divided into three different levels for calculation, it means that the highest transaction fee paid by each token on a single network is the transaction handling fee (i.e. the lowest transaction amount) According to Coinmarketcap data, the current transaction price of Bitcoin exceeds $50000; But the total market value of Bitcoin is less than $1 billion; Therefore, the average block out time of Bitcoin is also less than ever before Mining costsEditor’s note: This article is from Caiyun Blockchain (ID: cybtc_com), authored by irish, and reprinted by Daily Planet with authorization Mining is a very valuable technical project. We can consider it as an economic system or a whole, but this does not necessarily mean that no one on the entire network needs to spend too much time running these software. In the field of Bitcoin and other Cryptocurrency,…